July 24, 2019

Construction and investment financing secured for X20

Construction and investment financing secured for X20

X20 - a new office development in Warsaw from AIG and White Star Real Estate - has received €61 million bank financing from Erste Group. Construction works have already started and the project completion is planned for the 2nd quarter of 2020. The building is already 56 percent leased.

X20 is a Class-A office building located in the Mokotów district, in Warsaw along Czerniakowska Street. The X20 building is a continuation of the already completed and fully leased building X2, which was acquired together by White Star Real Estate and AIG. X2 is a boutique office building, fully leased by global marketing communications agency Dentsu Aegis Network and Mielżyński restaurant. Together the properties will form an attractive self-contained office park accessible from Czerniakowska and Czerska streets. The project will provide not only a class-A modern office space, but also a wide offer of amenities like restaurants, grocery store, drugstore or fitness club. X20 bank financing received from Erste Group is a long-term loan enabling execution of the project.

Bartosz Prytuła, Partner at White Star Real Estate, commented: “Through the execution of this loan we are pleased to confirm our continued cooperation and long-lasting relationship with our core banking partner - Erste Group. Erste Group is also a part of the financing consortium for another project developed by White Star Real Estate and AIG - The Park Warsaw. The financing received from Erste Group will enable us to complete the construction works of X20 in the second quarter of 2020. Currently, 56 percent of the space in X20 is already leased. The tenants include Dentsu Aegis Network, Lidl, Rossmann, and Zdrofit. Dentsu is already our tenant in the X2 building, located next to X20 development.”

Martin Sejkora, Senior Client Executive Real Estate Finance, Erste Group, added: “We are very glad to provide financing for this unique office project including the completed and fully leased X2 and the newly constructed X20. The deal underlines our continued strong interest in CEE, and in particular the Warsaw office market.”

X20 is a new, 6 levels, A-class office building, unique due to its intimate atmosphere and loft-style interiors. The standard specification of the office space includes: openable windows, raised floors, suspended ceiling, air conditioning, monitoring and building security. Two underground floors provide 260 parking spaces, as well as locker rooms and bike racks. The building will offer over 12,000 sqm of modern office space, in addition to a wide offer of amenities including restaurants, grocery store, drugstore or fitness club.

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